On a leading contract platform, a whale trader has established a long position in mainstream cryptocurrencies worth $310 million. Currently, this position shows an unrealized loss of about $1.45 million, with profits already retraced by over $11 million. This is not just a number; it reflects the most genuine dilemma in the current market.

Just look at the current market conditions. BTC is oscillating around $90,700, yet ETFs are continuously experiencing net outflows, with the total liquidation amount across the entire network reaching $167 million in the past 24 hours. In such an environment, the whale’s contrarian position-adding operation is particularly worth pondering—using scale to resist volatility is a common mindset for turning losses around in casinos. The problem is, when market liquidity begins to tighten, even the largest positions can become a trigger. Once these concentrated positions trigger chain liquidations, the entire market sentiment can be instantly ignited.

In the past two years, leverage tools in the crypto market have become increasingly sophisticated, and institutional participation has risen. But leverage is like a double-edged sword; it can amplify gains on the positive side, but on the flip side, it can accelerate risk transmission when the market turns. Just look at the liquidation data, and you'll understand why.

For most traders, what they should really focus on is quite clear: don’t follow the crowd to speculate on big players’ moves, but instead concentrate on position management and risk diversification. There are always people trying to double their holdings with extreme leverage, and there are always those who get liquidated in the process. In this game, surviving longer often matters more than winning quickly.